Oregon Statutes 79.0335 – UCC 9-335. Accessions
(1) A security interest may be created in an accession and continues in collateral that becomes an accession.
Terms Used In Oregon Statutes 79.0335
- Accession: means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. See Oregon Statutes 79.0102
- Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
- Goods: means all things that are movable when a security interest attaches. See Oregon Statutes 79.0102
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral.
(3) Except as otherwise provided in subsections (4) and (7) of this section, the other provisions of ORS § 79.0301 to 79.0342 determine the priority of a security interest in an accession.
(4) Except as otherwise provided in subsection (7) of this section, a security interest in an accession is subordinate to a security interest in the whole which is perfected by compliance with ORS § 79.0311 (2), 446.611 or 446.626.
(5) After default, subject to ORS § 79.0601 to 79.0628, a secured party may remove an accession from other goods if the security interest in the accession has priority over the claims of every person having an interest in the whole.
(6) A secured party that removes an accession from other goods under subsection (5) of this section shall promptly reimburse any holder of a security interest or other lien on, or owner of, the whole or of the other goods, other than the debtor, for the cost of repair of any physical injury to the whole or the other goods. The secured party need not reimburse the holder or owner for any diminution in value of the whole or the other goods caused by the absence of the accession removed or by any necessity for replacing it. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
(7) A security interest in an accession has priority over a security interest in the whole which is perfected by compliance with the requirements of ORS § 79.0311 (2) or with ORS § 446.611 or 446.626 if the security interest in the accession is a purchase money security interest that is perfected when the debtor receives possession of the accession or within 20 days thereafter. [2001 c.445 § 55; 2003 c.655 § 54; 2012 c.12 § 9]